Belmont Resources Inc. (TSX.V -“BEA”) (the “Company”) is pleased to announce that it has completed five holes for a total of 1024 meters of diamond drilling on the Company’s Lumby/Bufo property. The 1632 ha group of 14 contiguous mineral claims (102 claim units) adjoins on strike to the north- northeast with Brett Resources Inc “Hammond Reef deposit” (TSX.V –BBR), (“Brett”) claims. The gold-bearing structures on the Brett property can be traced northeast onto the Lumby/Bufo Lake property. The Lumby/Bufo property is located approximately 35 km. northeast of the town of Atikokan, Ontario.
This initial drill program in the south portion of Bufo Lake tested one of three East-West VLF-EM and Max Min conductors previously detected under Bufo and Two Bay Lake. Core cutting and logging has been completed on the first two holes BB-10-1 and BB-10-2. All of the core from Holes BB-10-1 and BB-10-2 were sampled (152 samples), and have already been shipped to Accurassay Lab in nearby Thunder Bay, Ontario. The extent of sampling of all the core is due to the extensive shearing and fracturing containing quartz-calcite veining, sulphide mineralization (pyrite, chalcopyrite and some pyrrhotite) and pervasive Fe-carbonate (ankerite), chloritization and sericite alteration. The type of alteration and mineralization encountered in these two holes are similar to many of the gold settings seen on the Brett, Terrax and other gold properties in the Atikokan area. Holes BB-10-1 also intersected 2 bedded strata-bound base metal schistose horizons mineralized with sphalerite.
Hole BB-10-2 intersected a wide zone of altered mafic, felsic meta-volcanic and intrusive rocks down to the bottom of the hole at 266 meters thus indicating an alteration system over 200+ meters wide. Holes BB-10-2 also intersected similar sheared, chloritized and Fe-carbonate altered mafic and felsic volcanic and layered gabbros and felsic intrusive rocks containing sulphide mineralization (pyrite, chalcopyrite and pyrrhotite) as disseminations and seams and in quartz-calcite veins. The layered gabbro type rocks with sulphide mineralization are generally hosts to copper, nickel containing platinum and palladium. In general, the drilling has intersected a complex poly-metallic system of mineralization. The mineralized gabbro at Bufo Lake is also similar to the Au-Ag-Cu-Ni-Pd-Pt previously sampled by Atikokan Resources Inc at the east end of Lumby Lake and 250 m south of the high grade silver-base metal showing in this area..
Core cutting and logging of drill holes BB-10-3, 4 and 5 is continuing and assay results of BB-10-1 and 2 will be announced following receipt of assays and compilations.
The rock types and mineralization encountered in the drilling confirms the presence of three types of mineral systems that warrants follow-up exploration. These systems consist of sheared, ankerite, sericite and chlorite altered gold bearing systems, VMS style systems and Cu-Ni-Pt-Pd mafic layered gabbro systems.
Raymond A. Bernatchez, P. Eng., Consulting Geologist remarks: “The drilling program at Bufo Lake was a great success. It identified a large gold bearing structure, containing pervasive Fe-carbonate altered mafic, felsic meta-volcanic and intrusive rocks consistent with the road gold showing located on the main logging road west of Bufo Lake and the high grade gold float found in 1977 near the south shore of Bufo Lake and consistent with the style of gold mineralization found on the Brett and Terrax properties. ”. Two previous grab samples from the road showing, assayed 5.3 g/t and 9.4 g/t gold and up to 13 g/t silver. A sample from the float boulder assayed 2.2 oz. gold/ton.
The claim group has potential for the discovery of high grade gold, silver and base metal deposits as proven by the exploration work carried out by Atikokan Resources Inc. from 1994 to 2004. Atikokan Resources made a significant high grade silver-base metal discovery at the east end of Lumby Lake reporting grab samples from the main showing assaying up to 416 oz/ton silver, 25% lead and 15% zinc. A 300 ton bulk sample extracted in 2003 averaged 15 oz. silver/ton.
South of the Lumby/Bufo property, Brett’s –“Hammond Reef” NI 43-101 compliant report has outlined an inferred resource of 259.4 million tonnes grading 0.8 gram per tonne Au cut-off down to a depth of 300m (approx. 6.7 million ounces of gold).
This press release has been reviewed and approved by Raymond A. Bernatchez, P.Eng. Consulting Geologist and a qualified person as defined in NI 43-101.
About Belmont Resources Inc.
Belmont has recently entered into an option to acquire 100% interest in 1632 ha. (14 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan and adjoining on strike to the north-northeast with Brett Resources Inc. “Hammond Reef” deposit.
Belmont Resources Inc. has previously focused on acquiring and developing uranium properties in developed and emerging uranium districts. Belmont (50/50) with International Montoro Resources Inc. has acquired two significant uranium properties (Crackingstone –982 ha & Orbit Lake –11,109 ha) in the Uranium City District in Northern Saskatchewan. The Company also holds interests (50/50 with Int. Montoro) in two uranium claim blocks in the Central Mineral Belt in Labrador. Other properties: Holds interests (50/50 with Int .Montoro) in three claim blocks in the Red Lake, Ontario gold camp and a 12.5% interest in a West Voisey’s Bay, Labrador joint venture –112.75 sq. km nickel/copper/cobalt property.
Further information can be obtained from the Company website at www.BelmontResources.com
and www.sedar.com, or by phoning 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS
The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations.
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